According to the report Facebook has also held conversations with Coinbase about the possibility of storing and converting the company's planned coin. While Coinbase is one of the largest and most popular cryptocurrency exchanges, Facebook reportedly has its eye on Gemini because of its close ties to regulators. Gemini recently launched an ad campaign touting its compliance with existing regulations and has called on the cryptocurrency industry to embrace standard best practices and comply with financial rules.
It's a bit ironic that cryptocurrency could bring Facebook and the Winklevoss twins together again. It was the $65 million settlement payment the brothers got from Facebook that enabled them to invest heavily in cryptocurrency. But Facebook's interest in the sector appears to be real. Rumors have swirled for months now that the company is planning to launch a coin that will allow users to make purchases and exchange money across Facebook platforms. Earlier this month, it was reported that Facebook may even be looking to take its platform across the web to compete with other payment services like Apple Pay.